PhonePe continues to lead the UPI (Unified Payments Interface) transactions market, holding a 49.8% market share in total value in June 2023, as per the India Digital Payments Report H1 2023 by Worldline. Google Pay and Paytm maintained their second and third positions, conducting 3,266.8 million and 1,197.3 million transactions, respectively. Together, these three UPI apps accounted for 95.68% of all transactions in June 2023, compared to 94.55% the previous year. The report also highlighted the decreasing average ticket size for UPI Person-to-Merchant (P2M) transactions, indicating a growing trend toward microtransactions. Frequently visited in-store merchant categories contributed significantly to transaction volume and value in H1 2023.
PhonePe Maintains Dominance in UPI Transactions, Says Report
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